ITMD526-Week11-Blog


SWOT Analysis

SWOT is an acronym that stands for Strengths, Weaknesses, Opportunities and Threats. It is an analysis commonly used to take important business decisions. The essential target of a SWOT analysis is to help associations build up a full consciousness of the considerable number of elements required in a choice. This technique was made in the 1960s by Edmund P. Learned, C. Roland Christensen, Kenneth Andrews and William D. Book in their book "Business Policy, Text and Cases" (R.D. Irwin, 1969). Apart from business and industry, SWOT analysis is used in community health and development, education and personal growths. SWOT analysis are commonly used in the following scenarios:
  • Settle on choices about the best way for your initiative. Distinguishing your chances for achievement in setting of dangers to achievement can elucidate bearings and decisions.
  • Modify and refine plans mid-course. Another open door may open more extensive roads, while another risk could close a way that once existed.
  • Figure out where change is conceivable. On the off chance that you are at a crossroads or defining moment, a stock of your qualities and shortcomings can uncover needs and in addition potential outcomes.
  • Investigate potential outcomes for new endeavors or answers for issues.

Elements of SWOT analysis:
The Key elements of the SWOT analysis are Strengths, Weaknesses, Opportunities and Threats. One should keep in mind that the purpose of this analysis is to bring out the positive outcomes by solving potential threats that need to be recognized and fixed in any business. It is achieved by listing out the strengths and weaknesses of the issue, analyzing the opportunity and threats that can be faced while solving the problem. The gathered points are then split into positives and negatives for easier brainstorming.
The strengths, weaknesses, opportunities and threats are split into internal and external factors. The internal factors are the strengths and weaknesses which can comprise of the following:
  • Human resources - staff, volunteers, board members, target population
  • Physical resources - your location, building, equipment
  • Financial - grants, funding agencies, other sources of income
  • Activities and processes - programs you run, systems you employ
  • Past experiences - building blocks for learning and success, your reputation in the community.

The external factors are opportunities and threats which can comprise of the following:
  • Demographics - changes in the age, race, sexual orientation, culture of those you serve or in your general vicinity
  • The economy - neighborhood, national, or worldwide
  • Enactment (Do new government prerequisites make your employment harder...or less demanding?) Neighborhood, national or worldwide occasions
  • Future patterns in your field or the way of life




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